Top brewer, Guinness Nigeria Plc, has released its interim unaudited financial report for the three months period ended September 31st, 2019. The report shows unimpressive performance with the company running at a loss, even though zero expense for income tax was recorded.

Note that this latest report follows the recent disclosure of the company’s audited full-year financial statements which ended in June this year.  See the breakdown below.

[READ MORE: Q3 2019: UBA grows net profit by 32.3%, as gross earnings hit N428.22 billion]

Revenue: Guinness Nigeria’s total revenue for the period stood at N26.8 billion, marking a 4.2% decline when compared to N28 billion during the period ended September 2018.  Meanwhile, the cost of sales remained barely unchanged, standing at N18.9 billion as against N18.9 billion during the comparable period in 2018.

Note that after deducting the cost of sale, the company’s gross profit (N7.9 billion), is still less than the N9.1 billion the company recorded during the comparable period in September 2018.

Guinness Nigeria’s latest financial shows a significant loss 

Business day

Admin and Marketing costs: Guinness Nigeria’s administrative expenses for the period stood at N2.1 billion, almost the same amount it expended for the same purpose during the comparable period in September last year. In the same vein, the company spent the sum of N5.2 billion marketing and distributing its products during the period under consideration.

Loss Before Tax: The foregoing expenses contributed to the company recording a loss before tax of N370.4 million, representing a 69.8% decline compared to N1.2 billion in September 2018.

Loss After Tax: This also stood at N370.4 million because no tax expense was recorded. Therefore, the figure represents a 55.7% loss compared to a profit after tax of N835.6 million which the company recorded during the three months period ended September 2018.

Deal book 300 x 250
Deal book 300 x 250

[READ ALSO: Zenith Bank grows profit by 4.5% as at September 2019]

Standard chartered

Earnings per share attributable to shareholders stood at N0.17 compared to N0.38 in September 2018.

The company’s stock is currently trading at N29.35 on the Nigerian Stock Exchange.

Download the full report here.

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